Muthoot takes the Punjab road

To promote its Money Transfer product, the group has planned a series of road shows outside Muthoot Finance outlets at 90 different locations in Punjab and Chandigarh.

The Muthoot Group, which was in the news recently for the extensive promotion of its Gold Loan offering, also offers an array of other products and services such as gold coins, insurance and money transfer. However, these products have never been aggressive promoted. To create more awareness in Punjab and Chandigarh, the group has launched a four-month campaign that promotes its Money Transfer product.

As a part of the campaign, a branded van began a month-long journey from Chandigarh on December 1. The van will travel to 90 different towns and cities which receive considerable foreign remittances such as Mohali, Ludhiana, Moga, Jalandhar, Hoshiarpur, Amritsar, Bhatinda, Patiala among others,. The van will create awareness about the Muthoot Money Transfer service and its easy accessibility through the widespread Muthoot Finance branches.

The series of road shows will also include personalised advice and consultation on the service by company officials. To increase engagement, three winners will be selected at all the places visited by the van, and a bumper prize of a gold coin will be given away to a lucky winner every month.

Avinav Chaubey, assistant general manager, marketing, The Muthoot Group, says, "People only know us because of the Gold Loan, but there is more to the group. And, to build other products, we have started marketing around them. We have many services. Our Money Transfer campaign was a success in Kerala and now we are targeting Punjab. In the future, we will target other areas like Uttar Pradesh, Bihar, New Delhi and Maharashtra."

He adds that the group has chosen Punjab to promote this product since a large number of remittance transactions take place here. Also, the campaign is strategically timed to coincide with the festival of Lohri, when kin living in foreign locations send money to those back at home.

For the service, The Muthoot Group has tied up with different agencies such as Western Union, Xpress Money, Moneygram, Royal Money Transfer, Ez Remit, Instant Cash, Transfast and Wire Money.

To make it more exciting for the people, the group will give away gifts every time a customer visits a Muthoot Finance outlet to collect a remittance.

The campaign has been extended to radio, hoardings and print ads in Punjabi and Hindi. It has also branded all baggage trolleys at the Amritsar International Airport.

Chaubey says, "Currently, we have only 2-3 per cent market share in Punjab in this segment. As of today, we have 6,000-7,000 monthly remittance transactions but we plan to double it to 14,000-15,000 transactions monthly."